The global minivans market size was valued at USD 102.17 billion in 2021 and is expected to reach USD 133.08 billion in 2030 expanding at a compound annual growth rate (CAGR) of 2.98% from 2022 to 2030. The term "minivan" refers to any vehicle that is constructed on a small-car platform and features a unibody, which is the one structural unit of an automobile that incorporates both the chassis and the body weight. The maximum number of people that may fit inside of a minivan is 8. Minivans are a type of multi-purpose vehicle that can transport both people and their cargo in addition to the passengers themselves. The expansion of the travel and tourist sector, the development of the electric vehicle industry, and the launch of an expanding variety of products are all factors that are driving the minivans market growth. For example, the International Energy Agency (IEA) predicts that global sales of electric cars will reach 3 million units in 2020, which would account for 4.1% of total automobile sales. In addition, sales of electric cars more than quadrupled in 2021, reaching 6.6 million units and accounting for 9% of the whole market for automobiles. A further factor that is contributing to the expansion of the minivans market share is the introduction of new products by key industry participants.
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The expansion of consumers' disposable income, improvements in affordability, and increased expenditure on passenger automobiles are important for the growth of the industry. Because of the economic revolution and technical advancements, passenger cars are now more affordable, which has led to a rise in the contribution from a population with a middle income, which is anticipated to expand even more over the course of the projection period.
Increasing product launches
It is projected that increasing product launches from leading manufacturers that include enhanced functionality and aesthetics would raise customer interest and drive purchasing, thereby supporting the market's expansion.
The selling elements of minivans are new fashionable items that have outstanding passenger and cargo capacity, flexible floorplans, and linked technology. These products are being introduced to the market by manufacturers, and these are the reasons why minivans are so popular. The expansion of the global minivan business is being significantly hampered by the developing huge popularity of cars as well as the growing competition from other passenger vehicles, particularly SUVs. The expansion of the minivan market is being hampered by the increasing popularity of these cars in the world's most important automotive markets.
It is projected that the increasing demand for electric vehicles, which help consumers save money on gasoline while also protecting the environment from pollution, will bode well for the industry. According to the figures provided by the International Energy Agency (IEA), the total number of electric vehicles sold around the globe in 2019 surpassed 2.1 million. It is anticipated that this pattern will carry on over the years to come, which will contribute to the expansion of the minivans market.
It is generally accepted that minivans have a higher purchase price than automobiles. Due to this, it is anticipated that consumers in countries that are still developing would favor less expensive automobiles over minivans. In addition, there is no option for all-wheel drive in minivans. When compared to various other passenger cars, these do not have high gas mileage and use a greater quantity of fuel. Because of the aforementioned driving forces, it is possible that the growth of the global small vans market may see some resistance throughout the assessment period.
The global minivans market is segmented by fuel type and region.
Over 90% of the total income generated by the diesel business came from this sector. The higher level of customer preference for diesel models of minivans over those powered by other fuel types can be linked to the fact that the diesel fuel type segment of the market accounts for the biggest revenue share. Minivans and other multipurpose vehicles, such as those with a capability for light-duty carrying and towing, are ideal candidates for diesel-powered vans because of their efficiency and power. Minivans powered by diesel may successfully manage cargoes while maintaining a low operating cost in comparison to other types of fuel-type vehicles. In addition, the vast majority of minivan models now on the market are powered by diesel engines.
Over the course of the projected period, it is predicted that the electric section of the fuel type would see the highest growth rate, coming in at a compound annual growth rate of 7.30%. The electric vehicle market is constantly expanding and transforming as a result of technology advancements in electric batteries and other sectors. Lowering the use of fossil fuels and putting an end to climate change have emerged as two of the most pressing concerns for political and industrial leaders throughout the world. It is anticipated that actions taken by governments and an increase in the number of product releases by manufacturers would drive segment growth in the global minivans industry. For example, a number of media outlets have reported that over ten electric vehicle models, including as the Chrysler Pacifica EV, the Voyah Dreamer, the Mercedes EQT, the Hyundai Staria FCEV, and others, are scheduled to be introduced in the years to come.
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In 2021, the Asia Pacific region owned the biggest market revenue share and controlled the worldwide market. This share was around 60%. This can be added to the fact that there is a greater demand for minivans among consumers in China and Japan. When compared to the other models, the buyers in this region prefer the minivans because of the body construction and the amount of luggage capacity they offer. In addition to this, a bigger market share is also related to the market's important player's strong existence in the region, as well as their increased brand recognition and market penetration. The market in this region is highly established, and the increased income may be attributed to the regular product releases that have taken place. For example, on January 13, 2022, Toyota introduced the new Noah and Voxy minivans in Japan. These minivans were remodeled on a TNGA (GA-C) chassis, and they featured comfy seats and a wide passenger area. In addition, for example, Hyundai began offering the Staria minivan for sale in Thailand in the month of July 2021.
It is projected that the market in North America will expand at the fastest rate worldwide, reaching a compound annual growth rate of 3.5% between the years 2022 and 2028. The shifting perceptions of consumers about the exterior design of minivans, which are increasingly being seen as opulent and fashionable automobiles, are primarily responsible for the greatest growth rate in the region. The expansion of product releases and market penetration in the region by key players is contributing to the growth of the market in that area. The newest models of minivans have a number of extra features that, in addition to providing a pleasant interior, give them the appearance of being opulent. For instance, the new Kia Corporation has plans to sell a minivan in the United States called the Carnival Hi Limousine in the year 2022. This van will have unique features like curtains, an air purifier, a high roof, and seats that recline like a lounge chair.
List of key minivans market manufacturers profiled